Nigeria’s Insurance Industry Records 56% Growth, Hits N1.56 Trillion in Premiums

The insurance industry’s Gross Written Premium rose by 56% in the 2024 financial year,
reaching N1.56 trillion up from N1.00 trillion in 2023 driven largely by the non-life segment.
This was revealed by the Chairman of the Nigerian Insurers Association, Kunle Ahmed,
during the association’s 54th Annual General Meeting held at the Insurers House in Lagos.
Ahmed highlighted that the industry saw significant progress in 2024, influenced by
regulatory reforms, economic conditions, and shifting market trends.
“Data shows strong growth in gross premiums, with the industry recording N1.56 trillion a
56% increase from the N1.003 trillion posted in 2023,” he said.
The non-life segment contributed N1.1 trillion to the total premium, while the life segment
generated N470 billion. The industry’s total assets rose sharply to N3.9 trillion in 2024,
marking a 46.1% increase from N2.67 trillion in 2023. Market capitalisation also saw
significant growth, reaching N1.2 trillion up 41% from N850 billion in 2022.
The industry settled approximately N622 billion in claims, with non-life accounting for N437
billion and life insurance for N185 billion.
In the non-life category, fire, oil, and gas insurance were major drivers of revenue growth,
with all product lines showing strong quarter-on-quarter performance. The life insurance
segment also recorded notable growth, led by group life insurance as the highest premium
earner.
During the review year, NIA Chairman Kunle Ahmed observed that insurance penetration
remained low, despite the industry’s impressive financial growth.
He highlighted ongoing efforts to improve penetration, including stricter enforcement of
compulsory insurance, enhanced claims payment processes, and updates to insurance
legislation.
Ahmed also announced the full rollout of the Automatic ECOWAS Brown Card Scheme in
2024, which now ensures seamless cross-border insurance coverage for motorists traveling
within ECOWAS member states.
He said, “We extend our special appreciation to the Commissioner for Insurance, Mr.
Olusegun Omosehin, and members of the Governing Council for their support in making this
a reality. Over the year, motor insurers increasingly issued ECOWAS Brown Cards
alongside electronic motor insurance certificates via the Nigerian Insurance Industry
Platform and Database.”
The Association will continue partnering with the Nigerian National Bureau to help it meet the
expectations of all stakeholders.